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Corporate pow

ers.

renew at pleasure, to sue and be sued, to plead and be impleaded, and are hereby made able and capable in law to have, purchase, receive, take, hold, enjoy, possess and retain to them and their successors lands, rents, tenements, hereditaments, stocks, goods, chattels and effects of whatever kind, nature or quality, whether real, personal or mixed, by gift, grant, demise, bargain and sale, devise, bequest, legacy, testament, loan, deposit or advance, or by any other mode of conveyance or transfer whatever, and the same to give, grant, bargain, sell, devise, convey, assure, transfer, alien, pay, release and dispose of for the whole or any less estate or property than they have in the same, and also to improve and augment the same in such manner and form as the said association by its by-laws and regulations shall direct, and shall and may apply the rents, issues, income, interest and profit of such estate and the moneys arising from the sale, alienation, disposal or employment thereof to the use, ends and purposes of their creation and institution according to the rules, regulations and orders of said association as fully and effectually as any natural person or body politic or corporate within this state can or may do or perform. The said association shall have power to make, ordain, establish and put in execution such by-laws, ordinances and regulations as shall to it hereafter seem meet and proper or convenient for the government of such corporation, not being contrary to the constitution and the laws of this state or of the United States, and generally to do and execute all and singular such acts, matters and things which to the said corporation shall or may appertain and be necessary for the purposes thereof.

SEC. 2. That said corporation shall have the right to receive and pay out lawful currency of the country, deal in exchange, gold and silver coin, stocks, bonds and other securities; to loan money, to receive deposits from any and all persons, firms, associations and corporations, including apprentices, minors and femes covert, or other persons on such terms, time and manner of collection and payment as may be prescribed by this charter or by the by-laws, or as may be agreed on by the parties, and for the use and loan of money may charge lawful rates of interest, and may take and receive said interest at the time of making said loan or otherwise free from all other control, contract or liability whatever; to invest in the stocks, bonds or other securities of this or any other state or territory or of the United States or of any corporation organized under the laws of this or any other state or territory or of the United States, and to take such real, personal or mixed property upon such terms, trusts and conditions for the security and payment of money loaned, advanced or expended as may be considered safe, expedient and beneficial; to elect such officers as they see fit and prescribe their duties, compensation and terms of service; that said corporation shall be and is hereby authorized and empowered to receive and keep on

ers.

deposit all such valuables, gold, silver and paper money, bullion, Corporate powprecious metals, plate, certificates of stock, bonds, notes, evidences of debt, deeds, muniments of title or any other valuable paper of any kind, or any other article or thing whatsoever which may be left or deposited for safe keeping with said association, and shall be entitled to charge, demand and receive such commission or compensation therefor as may be agreed upon, and for the complete preservation and safe keeping thereof may construct, erect and purchase such fire and burglar proof buildings, vaults, iron or composition safes, or other means as may become necessary, and generally to transact and perform all business relating to such deposit and safe keeping and preservation of all such articles or valuables as may be deposited with said association, and also to invest such capital or funds as may be deposited with said association for that purpose from time to time in such stocks, bonds and securities as may be regarded advantageous and desirable; they shall have power to receive and hold on deposit and in trust and as security estate, real, personal and mixed, including notes, bonds, obligations of states, municipalities, corporations, companies and individuals, and the same to purchase, collect, adjust, settle, sell and dispose of, and upon such terms as may be agreed upon between them and the parties contracting with them; they shall have the power to negotiate loans, and act as agents for loans or the payment, transmission and collection of money, and also to act as brokers, agents and attorneys, and as managers of every kind of property; to act as trustees or agents for the holders or in relation to any obligation, debentures, bonds or debenture stock of any state or corporation; to act as agent for the purpose of issuing, registering or countersigning the certificates of stock, bonds or other evidences of indebtedness of any corporation, association, municipality, state or public authority on such terms as may be agreed upon; to undertake and execute the office of trustee, executor, administrator, assignee, receiver or liquidator, and to undertake and to execute all kinds of trusts, both public and private, and to perform and carry out the various kinds of business incidental to and connected therewith; and for its services as such said corporation shall receive such usual and customary fees, emoluments and charges as are allowed individuals in like capacities and like cases; to purchase, take on lease, hire or otherwise acquire any lands, buildings, rights, privileges and real and personal property of every kind; to erect, construct, enlarge, alter and maintain any buildings necessary or convenient for the business of the corporation; to guarantee owners of real estate and mortgages from loss by reason of defective titles, liens and incumbrances, and to make, execute and perfect such contracts, agreements and other instruments as may be required therefor; to conduct a general banking business, and to receive money on deposit, discount bonds, notes and bills of exchange; to lend money

Capital stock.

Non-assessable.
Organization

Non-liability of stockholders for corporate debts.

Offices.

Corporate exist

ence.

on real or personal property, to make advances on warehouse receipts, bills of lading, certificates of stock and other negotiable instruments, and to use its funds and property in any manner incident to the business of banking not contrary to the laws of the state or of the United States; to guarantee the payment of principal or interest of notes, bonds, bills of exchange, acceptances, checks or other securities or other evidences of debt, including the obligations of such corpora. tions and individuals as may have secured their payment by deed of trust made by this corporation, and to charge and to receive for any guaranty such compensation as may be agreed upon by the parties, and may take and receive lawful interest, and may receive the said interest at the time of making the said transaction or at any other time; to make reports concerning the commercial and financial standing of firms, corporations and persons, and to make such charges for so doing as they may determine upon.

SEC. 3. That the capital stock of the said corporation shall be twentyfive thousand dollars, divided into one thousand shares of twenty-five dollars each, which said capital stock may be increased at any time or from time to time by the vote of a majority of the stockholders to any sum not exceeding five hundred thousand dollars, and the number of said shares of stock shall increase in like manner as [and] said stock and said shares shall be forever non-assessable; when five thousand dollars of the said capital stock is subscribed, the corporators named herein or a majority of them or their assigns shall be deemed and held ready and capable to organize.

SEC. 4. The corporators and stockholders of said corporation, and their successors and assigns, shall not be individually or personally liable or responsible for any of the debts, liabilities, obligations, engagements, contracts or torts of the said association.

SEC. 5. That the principal office or place of business of said corporation shall be at Asheville, North Carolina, with the privilege of establishing such branch or branches at whatever place or places may be deemed necessary and desirable for the carrying out the purposes for which this corporation is chartered.

SEC. 6. That said corporation shall exist and be in force and effect with all the powers herein before conferred for the term of sixty years from and after the ratification of this act.

Ratified the 4th day of March, A. D. 1893.

CHAPTER 248.

An act to authorize the town of Morehead City to issue bonds.

The General Assembly of North Carolina do enact :

authorized to

Bonds not to be sold for less than par,

SECTION 1. That the commissioners of the town of Morehead City Commissioners be and the same are hereby authorized to issue coupon bonds of the issue bonds not town of Morehead City, not to exceed ten thousand dollars ($10,000), exceeding $10,000. and in denominations of not less than fifty dollars, bearing interest from date of bonds at a rate not exceeding the legal rate, and payable annually on the first day of January of each year until the said bonds are paid. That the said bonds shall be made payable at a time to be fixed by said commissioners and named therein, not to be less than three nor more than twenty years from date thereof. The said bonds and their coupons shall be numbered, and the bonds shall be signed by the mayor and countersigned by the clerk of the board of commissioners of said Morehead City, and a record shall be kept of said bonds, showing the number and amount and to whom sold. SEC. 2. That the said bonds shall not be sold for less than their face value, and the mayor of said town shall not deliver said bonds or any of them to the purchaser thereof until the purchase-money shall be When to be paid to the treasurer of said town, and his receipt to the purchaser produced before the mayor as evidence of such payment; and the treasurer of said town shall receive all such money paid in the purchase of bonds in his official capacity as treasurer of said town; and Liability of he shall be liable to account for and to pay over the same as is provided for in the charter of said town relating to the treasurer of said town of Morehead City; and it shall be the duty of the board of commissioners of the said town of Morehead City to see to it that the Duty of commisbond of said treasurer shall at all times be sufficient in amount and sioners as to bond with satisfactory sureties to provide against any loss of money arising from the sale of said bonds, and to that end may at any time require said treasurer to renew his official bond in such sum as may be required.

delivered.

treasurer.

of treasurer.

Proceeds of bonds
rate, &c.
to be kept sepa-

SEC. 3. That the treasurer of the town of Morehead City shall keep separate from all other moneys coming into his hands the money arising as proceeds from sale of said bonds, and the same shall be expended by the commissioners of the town of Morehead City in How expended. building a market-house and town hall, and otherwise improving the said town as they may think proper: Provided, however, this act shall Election to be be submitted to the qualified voters of said town of Morehead City held on question of ratifying act. for their ratification or rejection at an election to be held in said town at the same time and place of holding the election for mayor and commissioners of said town. The said election shall be advertised by the mayor of Morehead City for thirty days prior to the day of elec

Election, how held.

Ballots.

Bonds to be

issued on majority vote.

Special tax.

Collection, &c.

tion in some newspaper published in said town, or by posting notice at the court-house and three other public places in Carteret county. The election shall be held under the supervision of the registrars and judges of the election, and the returns made as is provided for making returns of election of mayor and commissioners of said town. Those who are in favor of issuing said bonds shall vote a written or printed ticket with the words "For bonds" thereon; and those who are opposed shall vote a written or printed ticket with the words "Against bonds" thereon. The result [returns] of said election shall be made to the commissioners of said Morehead City, who shall verify the result of said election and cause the same to be recorded in the minutes of their meeting. If a majority of the votes cast be for bonds, then the commissioners of said town shall proceed to issue and sell the bonds and apply the proceeds as directed.

SEC. 4. That in order to pay the interest on said bonds and to create a sinking fund to pay the principal of said bonds at maturity or sooner, if deemed advisable, the commissioners of the town of Morehead City may levy a special tax of not more than thirty-three cents on the hundred dollars worth of real and personal property in the town, and one dollar on the poll. And it shall be the duty of said commissioners to make the necessary arrangements and orders for the collection, safe keeping and proper application of the money raised by virtue of this act.

SEC. 5. That this act shall be in force from and after its ratification.
Ratified the 4th day of March, A. D. 1893.

Chapter 277, pri-
vate laws 1891
(incorporating
Union Cotton
Mills) amended.
Capital stock.

CHAPTER 249.

An act to amend chapter two hundred and seventy-seven, private laws of eighteen hundred and ninety-one.

The General Assembly of North Carolina do enact:

SECTION 1. That section four of chapter two hundred and seventyseven, private laws of eighteen hundred and ninety-one, be amended by striking out in line five the words "one hundred thousand dollars" and insert in lieu thereof the words "two hundred and fifty thousand dollars."

SEC. 2. That this act shall be in force from and after its ratification.
Ratified the 4th day of March, A. D. 1893.

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